Global cues, renewed buying lift market; banking stocks rise (Ld)

Strong global sentiment along with renewed buying pushed up the Indian equity market during the mid-afternoon trade session on Friday.

Accordingly, the market opened with a gap up following Thursday decline.

In terms of sectors, all major indices were trading in green.

At 1.45 p.m., Sensex was trading at 46,137.65, higher by 177.77 points or 0.39 per cent from the previous close.

The Nifty50 was trading at 13,529.55, higher by 51.25 points or 0.38 per cent from the previous close.

“Index is continuing its bullish momentum for sixth consecutive weeks and intraday dips are getting bought into quickly,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“Except marginal loss in IT and Pharma space; all other sectoral indices are moving in the green. Among them, Metal, PSU Bank and Media indices are major gainers.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research: “Nifty has found a small demand zone in the range of 13,350-13,400 while the major demand zone will be at 13,000.”

“The impact of starting an investigation on cement companies by the Competition Commission of India (CCI) can still be seen on the stock prices in today’s market as well.”

On Thursday, cement stocks came under heavy selling pressure after Competition Commission of India (CCI) started an investigation regarding anti-competitive behaviour being witnessed in the sector.

“ONGC, GAIL, NTPC, Coal India, IOC were the top gainers while Divislab, Eicher Motors, Asian Paint, Adani Ports, Britannia were the top loser on the Nifty.”